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What Are Precious Metals?

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As their name implies, precious metals are called that because of their rarity and value. They share many common characteristics as a group. Among the safest metals to handle in their pure state, they do not react to general environmental influences. Some are so inert they can be used as catalytic converters.

Like all elements higher than iron in the periodic table, they were created by a supernova (exploding star). It's amazing that we are able to find these rare metals at all. For instance, several estimates deduce that all of the platinum in the entire world would fit into an average house!

The common four precious metals are gold, silver, platinum, and palladium. Also included, but lesser known, are ruthenium, rhodium, osmium, and iridium (sometimes the latter are called the platinum metal group). All precious metals are also noble metals and transition metals. For the most part they have high melting temperatures.

Gold is the most malleable and platinum the most ductile. One ounce of gold can be made into a sheet some 300 square feet and one ounce of platinum a wire 50 miles long! Silver isn't too far behind and it is the most reflective metal. They are among the densest metals. Their amazing electrical conductivity rules the charts with silver taking the victory.

Their initial use was for currency, jewelry, coinage, silverware, etc. Nowadays, their collective industrial and investment can be their primary draw. Many countries make coinage for collectors out of these metals though it's more of a gesture since their monetary value is well below the actual value of the metal.

Industrially, few metals have the ability to withstand extreme acids, temperatures, and other hazards that would reduce lesser ones to oxidized junk. Platinum is particularly useful in catalysts and high-temperature applications. Palladium also enjoys a certain amount of prestige. George Washington's dentures were made with precious metals and ivory or bone, not wood. Essentially every computer has 24k gold plated chips and more.

Political turmoil affects the value to varying degrees. Rhodium is mined in areas prone to violence and unrest so its pricing is chaotic and volatile. It has the potential to be a profitable investment over and over if played right. Being a brittle metal, coins and ingots only recently became available but haven't gained much traction. Most ownership is paper-based, not physical bullion.

Information for Precious Metals

Element	Symbol	Atomic Number	Atomic Mass	Specific Gravity g/cc	Melting Point °C	Boiling Point °C

Silver	Ag	47	107.868	10.49	962	2162
Gold	Au	79	196.967	19.32	1064	2856
Platinum	Pt	78	195.084	21.09	1768	3825
Palladium	Pd	46	106.42	12.02	1555	2963
Rhodium	Rh	45	102.906	12.45	1964	3695
Ruthenium	Ru	44	101.07	12.37	2334	4150
Osmium	Os	76	190.23	22.61	3033	5012
Iridium	Ir	77	192.217	22.65	2466	4428

Posted by M: May 24, 2014

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